The £677 million Scottish Investment Trust plc (SIT), which recently announced it will “undertake a review of the future investment management arrangements of the company,” said on Monday its net asset value per share (NAV) total return was 14.4% over the half year to April 30, 2021.

The contrarian global fund’s share price increased from 681p to 780p during the period which, including dividends, meant that the share price total return was 16.4%.

The fund does not have a formal benchmark but the sterling total return of the international MSCI All Country World Index (ACWI) was 19.8%.

Quarterly dividend will rise 1.8% year on year to 5.8p per share.

Scottish Investment Trust chairman James Will said: “The company’s recent short term performance has been strong with the company’s NAV total return (with borrowings at market value) ahead of ACWI by 8.8% and 6.9% respectively over the three and six month time periods to 31 May 2021.

“Within the AIC Global sector the company’s NAV total return was ranked first over three months and second over six months to 31 May 2021.”

The fund’s manager Alasdair McKinnon said: “Government and central bank support looks set to remain in place for the foreseeable future.

“The ingredients for rising inflation are in position and, if this is correct, then most investors are unprepared.

“The combination of these factors brings sales and earnings growth to a broader cohort of stocks than has been the case in recent years.

“We believe this will fuel the nascent rotation into the more lowly valued segments of the market which we favour.

“This is a positive environment for contrarian investors.”

On June 2, the board of the Scottish Investment Trust announced a review of the future investment management arrangements of the company.